Cutting VAT on tourism to 5% will boost Torridge and West Devon’s economy by £5.3m says Geoffrey Cox MP
Geoffrey Cox, MP for Torridge and West Devon, is backing a national campaign calling for the Chancellor to cut VAT on tourism from 20% to 5%, which would result in a £5.3m boost to the local economy.
The Cut Tourism VAT Campaign is run by a coalition of hotels, self-catering, caravan sites, B&Bs and visitor attractions calling on the Government to boost the economy in the upcoming Budget by cutting VAT on tourism, as 25 of the 28 countries in the European Union already do.
Reducing VAT on tourism to 5% would not only make the UK more competitive with other destinations within Europe, but would also increase the affordability and attractiveness of regional tourism hotspots and generate more investment for local businesses.
Based on independent research by Deloitte and Oxford Economics, the Cut Tourism VAT Campaign estimates that a 15 point reduction in VAT would mean extra jobs and a £5.3m economic boost for Torridge and West Devon. Nationally, cutting VAT would bring a £4 billion boost to the UK economy and create 120,000 jobs.
Graham Wason, Chairman of Cut Tourism VAT, said: “International competition for tourism is increasing while the UK’s share of the global tourism market is declining, and I am delighted that Geoffrey Cox MP is supporting our call for an urgent cut in tourism VAT which would boost the tourism industry and the wider economy in Torridge and West Devon.”
Geoffrey Cox MP said: “A reduction of VAT on travel and tourism from 20% to 5% would make a huge difference to Torridge and West Devon resulting in extra jobs and an additional £5.3m to the local economy. That’s why I’m backing the campaign to Cut Tourism VAT and I’m asking the Chancellor of the Exchequer to give tourism in the South West a well-deserved boost.”
(from a press release)